JUST IN – #Evergrande (3333 HK) and Evergrande Property Services (6666 HK) stock trading halted in Hong Kong.
— Disclose.tv (@disclosetv) October 4, 2021
Nervy Markets Await Outcome for Opaque Bond Tied to Evergrande
(Bloomberg) — China Evergrande Group has already fallen behind on payments to banks, suppliers and holders of onshore investment products, and hasn’t given any indication that it paid two recent dollar bond coupons.
Now the world’s most indebted developer may be facing its next big debt test from Sunday, underscoring the broader risks of opaque obligations in credit markets already on edge.
People familiar have said that a dollar note maturing Oct. 3 issued at an initial amount of $260 million by an entity called Jumbo Fortune Enterprises is guaranteed by Evergrande. As the maturity is a Sunday, the effective due date is Monday. The issuer is a joint venture whose owners include Hengda Real Estate, Evergrande’s main onshore unit.
h/t christianbrooks